India Electric Car Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn.
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India Electric Car Market Drivers & Restraints:
India’s ambition of becoming a global hub for making electric vehicles faces one key hurdle: its lack of access to lithium. India’s EV production will rely on imports from China of lithium chemicals used to make cathodes & battery cells. China has a thriving lithium chemical, battery cathode, battery cell & EV supply chain.
India has revealed a slew of measures in 2019 to promote the clean-energy vehicles, including a $1.4 Bn plan to make India a manufacturing hub for EVs & cutting taxes to spur purchases. While electric cars in India remain a small segment, with an estimated 3,000 sold in 2018 compared with the 3.4 Mn fossil fuel-powered cars in the same year, the nation is forecast become the fourth-largest market for EVs by 2040, when the segment will comprise nearly a third of all vehicles sales.
Toyota Confirms Plans to Launch Its Electric Car in India:
Toyota Motor Corporation has confirmed that the Japanese automaker will be introducing battery EVs (BEV) in the Indian market. The new Toyota EV for India is under development in collaboration with Suzuki Motor Corporation, the manufacturer’s top official has confirmed ahead of the 2019 Tokyo Motor Show. It is speculated that Toyota’s compact electric vehicle for the Indian market will be based on the Maruti Suzuki Wagon R electric that is currently being tested in the country. India’s largest automaker is expected to introduce the electric Wagon R for the masses by 2020.
The jointly developed compact BEV is just another addition in the Toyota & Suzuki partnerships which was first forged in November 2017. As part of the tie-up, both companies have been exchanging resources & engineering knowledge, as well as vehicles to be badged under either brand names. The Toyota Glanza introduced in 2019, which is essentially a rebadged Maruti Suzuki Baleno, was the first product to be launched under the collaboration.
Finance minister Sitharaman on 6th May 2020 announced credit guaranteed loans to micro, small & medium enterprises (MSMEs), expected to help about 4.5 Mn units to get back to business. Announcing the details of the 20 TN fiscal stimulus package, the collateral free, automatic loans will benefit MSMEs with up to, 25 crore outstanding loans & crore sales.
Mercedes Benz plans electric car debut in India:
Mercedes Benz has decided to launch the company’s first full-electric car in India, & the charge will be led by the EQC mid-size SUV, the first of the multi-model green car line-up (EQ range) which the German luxury carmaker plans to introduce globally over the next few years. The company will initially import the EQC to India, but has also started to explore plans of assembling electrics at its factory in Pune as sales of the first green car begin and others get planned.
Coronavirus-led boom for car & bike sales:
The world during & post the global COVID-19 pandemic is certainly going to change the way people move around, especially in India. The global index for ride-sharing platforms was expected to grow at 21% CAGR in the pre-COVID era from $ 61.4 Bn in 2018 to over $ 218 Bn by 2025. A study by MMR anticipated the revenue from the taxi cluster business to exceed $ 60 Bn & the ride-hailing industry to cross $ 44 Bn by 2025.
Post-coronavirus, India must shift EV goalposts, adopt available alternative fuels like auto LPG: Auto LPG Coalition:
Indian Auto LPG Coalition, which has been highlighting the environmental aids of transport fuel Auto LPG, stated that pushing the automobile sector singularly on shifting to the EV space, particularly in the current situation will spell further doom for the sector.
The Indian government had set very aspiring targets for a substantial shift to EVs by 2030. However, the automobile sector which was already struggling to clear its BS-IV inventories is bound to face even more challenging times in the post COVID world. In this situation, enduring to push this key technology shift on the sector will not allow it any breathing space. It is vital that the government must, therefore, relax its EV push & promote more easily deployable alternative fuels like Auto LPG to address environmental concerns. As all economic activity & transportation came to a halt, important improvement in air quality has been witnessed in almost all Indian cities over the past few weeks.
India has also switched to the Supreme Court mandated BS-VI norms during the lockdown even as automobile manufacturers were yet to clear their BS-IV inventory.
The objective of the report is to present a comprehensive analysis of the India Electric Car Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding India Electric Car Market dynamics, structure by analyzing the market segments and project the India Electric Car Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the India Electric Car Market make the report investor’s guide.
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Scope of India Electric Car Market: Inquire before buying
India Electric Car Market, By Technology
India Electric Car Market, By Product
India Electric Car Market, By Battery
India Electric Car Market, By Battery Capacity
• >201 Ah
• <201 Ah
India Electric Car Market, By End-User
• Shared mobility providers
• Government organizations
• Personal users
India Electric Car Market Key Players
• Hyundai Motor Company
• Mahindra Electric Mobility Limited
• Volvo Car Corporation
• Toyota Kirloskar Motor Pvt. Ltd
• Tata Motors Limited
• Honda Motor Co. Ltd.
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